LEAPMOTOR (09863) has solidified its lead among emerging automakers by securing the sales crown for eight consecutive months, surpassing monthly deliveries of 70,000 units, and achieving shareholder profitability for two straight quarters with positive free cash flow. On November 17, the company released its Q3 2025 financial report, posting record revenue of RMB19.45 billion, a 97.3% year-on-year increase. It maintained robust profitability with a 14.5% gross margin, up 6.4 percentage points YoY, and net profit attributable to shareholders of RMB150 million. Operating cash flow reached RMB4.88 billion, while free cash flow stood at RMB3.84 billion.
The company leads China’s NEV market in growth speed, with Q3 2025 sales hitting approximately 174,000 units, up 101.77% YoY. October deliveries exceeded 70,000 units, widening its lead over competitors. On November 15, LEAPMOTOR became the first among peers to surpass 500,000 annual cumulative sales, with full-year deliveries expected to exceed 600,000 units and a 2026 target of 1 million.
Unlike most NEV brands struggling with persistent losses and negative cash flow despite industry growth, LEAPMOTOR prioritizes high-quality development. It is the second emerging automaker to achieve profitability while maintaining healthy cash flow.
Key financial highlights show consistent doubling trends: Q1-Q3 2025 revenue totaled RMB43.7 billion (+133.7% YoY), with quarterly sales growth remaining triple-digit. Gross margins have stayed positive since Q2 2024, stabilizing at 13-15%—Q3 2025 reached 14.5%, industry-leading. Shareholder profits improved for two consecutive quarters.
Crucially, the company achieved self-sustaining operations. Operating cash flow turned strongly positive: RMB340 million (Q1), RMB2.52 billion (Q2), and RMB4.88 billion (Q3), with Q3 free cash flow at RMB3.84 billion. By September 2025, cash reserves (including equivalents and short-term deposits) surged to RMB33.92 billion, up RMB13.5 billion from end-2024. This liquidity supports R&D, capacity expansion, and global outreach.
Technologically, LEAPMOTOR’s founder Zhu Jiangming emphasizes iterative innovation. The March-launched LEAP 3.5 architecture integrates centralized domain control with advancements in autonomous driving, battery systems, and thermal management across all models. October saw new flagship D-platform technologies debut, targeting premium segments.
Market response validates this strategy: B- and C-series models are hits, with the C10 exceeding 200,000 cumulative sales in 18 months (Q3 monthly average: 15,000; October: 20,000+). The B01 became an instant success, with three straight months of 10,000+ deliveries. Monthly sales broke records—40,000 to 70,000 units in just eight months. October’s 70,289 deliveries made LEAPMOTOR the first emerging automaker to cross 70,000 monthly sales.
For 2026’s 1-million-unit target, three drivers stand out: (1) R&D-driven tech upgrades keeping B/C-series competitive; (2) replicable hit-product strategy (multiple new launches planned Q4 2025-2026); (3) accelerated globalization. Twelve new models are slated for 2026, including premium D-series and entry-level A-series. The Q4-launched D19 redefines 300,000-yuan full-size SUV standards; the Lafa5 debuts domestically November 27 before global rollout in Q2 2026; the sub-100,000-yuan A10, featuring lidar, premiered at Guangzhou Auto Show.
Production and delivery networks are scaling up. By September 2025, sales outlets covered 292 cities (+88 YoY), totaling 866 stores. Overseas, Q3 exports hit 17,397 units (No.1 among peers), with 700+ global outlets including 650+ in Europe. Localized production of B/C-series abroad will bolster 2026 targets.
LEAPMOTOR’s "innovation → affordability → scale → profitability" model sets an industry benchmark. Profit margins have further upside via vertical integration, cost efficiency, and premiumization. Founder Zhu Jiangming increased holdings to 23.59% as of October 20 (total: ~HK$850 million since August 2024). Southbound inflows also rose, with Stock Connect ownership reaching 16.26% (+5.75pp YTD). The stock has gained over 60% YTD.
Having outpaced domestic peers in 2025, LEAPMOTOR is poised to remain a dark horse in 2026 through product strength, global expansion, and execution capability.
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